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Investors: Atlanta’s ‘oldest mansion’ to become ‘most sought-after Airbnb’

Josh Green

Thu, 12/19/2024 – 12:58

On Atlanta’s signature street, plans are moving forward to transform one of the metro’s oldest standing structures into a unique short-term rental before legions of global soccer fans descend upon the city in a year and ½.

That’s according to Texas-based investment firm Vaycaychella, which announced this week it’s partnering with owners of the storied but blighted Rufus Rose House at 537 Peachtree St. to create the “most sought-after Airbnb” in Atlanta.

Listed on the National Register of Historic Places since 1977, the so-called “Rose on Peachtree” is an example of a late Victorian Queen Anne-style home—and the only Victorian left standing in Atlanta’s core district where downtown meets Midtown. Built in 1901, the property is considered by the Atlanta Preservation Center to be one of the region’s oldest buildings.

Despite its high-profile location steps from Atlanta’s tallest building and marquee attractions such as the Fox Theatre, the Rufus Rose House has been vacant for more than two decades. Several plans to resuscitate it for various new uses have made splashes but never fully materialized.

Atlanta-based investment firm UC Asset purchased the property for $1.65 million in 2021, held a ribbon-cutting for its groundbreaking with former Atlanta Mayor Kasim Reed, and has since spent hundreds of thousands of dollars to reinforce and repair its structure in hopes of creating an upscale office building. They coined the property “Atlanta’s oldest mansion.”

But Vaycaychella has more recently approached those Atlanta investors and convinced them the Rufus Rose House would be more suitable and profitable as a short-term rental. The Texas firm has been granted exclusive rights to manage its renovation and operate it as a boutique, multi-unit Airbnb once complete.

Stephanie Anderl, Vaycaychella’s interim CEO, tells Urbanize Atlanta the project requires $2 to $3 million and a special permit to begin construction. So far, $2.1 million has been raised, and Anderl said her company is seeking additional partnerships.

“We’re capable of completing the renovation within 18 months, if we are adequately capitalized and can secure the permit,” Anderl wrote to Urbanize via email. “We have done the most we can with a temporary permit. Namely, we have replaced the interior framework, so this historic property will stand.”

The 537 Peachtree St. property’s condition as of July this year. Google Maps

A sitting room and fireplace, as seen in recent years. Via Surber Barber Choate + Hertlein Architects/2020

Once repaired and reopened as short-term apartments, the Rufus Rose House will hold a market value of between $5 and $8 million, Vaycaychella estimates. The company points in a recent announcement to the property’s “stunning and aged beauty, both interior and exterior,” and proximity to downtown’s highway-capping Stitch park proposal. As the 2026 FIFA World Cup approaches, “tourism to Atlanta is expected to explode,” the investors note.

Vaycaychella describes itself as a Fintech company that uses 21st century technologies—block-chain, cryptocurrency, and NFTs—to attract investment in short-term rental properties they operate.

According to its most recent owners, the Rufus Rose House spans 7,122 square feet. As one of Peachtree’s most prominent eyesores, it’s been a source of high hopes but few results in recent years.

Inman Park Properties bought the mansion in mid-2019 for its full asking price of $1 million and later announced renovation plans that would have included a restaurant, but that work never materialized.

A few years prior to Inman Park Properties’ involvement, plans emerged for converting the mansion into an arts space and entrepreneurial hub, but those ambitions also fizzled.

Property records indicate the landmark has sold for as little as $309,000 in 2011.

The Peachtree facade prior to the property’s last sale in early 2020. Via Surber Barber Choate + Hertlein Architects/2020

An intact sitting room bench. Via Surber Barber Choate + Hertlein Architects/2020

Built in 1901 for the founder of Four Roses Distillery, the five-bedroom, three-bathroom house was designed by Atlanta architect E.C. Seiz. It was designated as a Landmark Building by the City of Atlanta in 1989.

The APC’s offices were the home’s last occupant, but the organization moved out more than 20 years ago.

In the gallery above, have a closer look at the historic property’s “before” state—including floorplans.

Lead photo courtesy of Historic Atlanta.

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Images

The Peachtree facade prior to the property’s last sale in early 2020. Via Surber Barber Choate + Hertlein Architects/2020

The 537 Peachtree St. property’s condition as of July this year. Google Maps

The mansion and its Peachtree Street surroundings in 2021. Google Maps

A sitting room and fireplace, as seen in recent years. Via Surber Barber Choate + Hertlein Architects/2020

An intact sitting room bench. Via Surber Barber Choate + Hertlein Architects/2020

A bedroom fireplace. Via Surber Barber Choate + Hertlein Architects/2020

A detailed look at first-floor plans. Via Surber Barber Choate + Hertlein Architects/2020

The second floor. Via Surber Barber Choate + Hertlein Architects/2020

The property’s condition in February 2021. Google Maps

Subtitle

Texas-based group aims to complete Rufus Rose House makeover before 2026 FIFA World Cup

Neighborhood

Downtown

Background Image

An old dilapidated brick house in Atlanta.

Before/After Images

MDH Completes 700K-SF Charlotte Industrial Center

MDH Partners recently wrapped up work on the Northcross Commerce Center Phase II in the Huntersville neighborhood of Charlotte. Phase II features two Class-A industrial facilities totaling approximately 254,000 square feet. MDH Partners secured $23.3 million in financing from TD Bank for the development of Northcross Commerce Center’s Phase II. The new development brings the center’s total footprint to nearly 700,000 square feet.

Brad Cherry, Matt Greer, and Natalie Ceva of JLL lease and market the facility on behalf of MDH Partners.

According to JLL, Charlotte’s speculative development deliveries have remained strong, with 6.3 million square feet of space completed in the first half of the year. Charlotte’s industrial market’s combination of stability, consistent growth and proximity to other prominent markets will continue to make it an appealing destination for both tenants and investors in the Southeast region.

In addition to Northcross Commerce Center, MDH Partners jointly owns Oakhurst Commons with Parkside Partners. The 131,000-square-foot, mixed-use development is located in Charlotte’s Oakhurst neighborhood.

The post MDH Completes 700K-SF Charlotte Industrial Center appeared first on Connect CRE.

MDH Partners recently wrapped up work on the Northcross Commerce Center Phase II in the Huntersville neighborhood of Charlotte. Phase II features two Class-A industrial facilities totaling approximately 254,000 square feet. MDH Partners secured $23.3 million in financing from TD Bank for the development of Northcross Commerce Center’s Phase II. The new development brings the center’s …
The post MDH Completes 700K-SF Charlotte Industrial Center appeared first on Connect CRE. Read MoreAtlanta & Southeast Commercial Real Estate News

MDH Partners recently wrapped up work on the Northcross Commerce Center Phase II in the Huntersville neighborhood of Charlotte. Phase II features two Class-A industrial facilities totaling approximately 254,000 square feet. MDH Partners secured $23.3 million in financing from TD Bank for the development of Northcross Commerce Center’s Phase II. The new development brings the center’s …
The post MDH Completes 700K-SF Charlotte Industrial Center appeared first on Connect CRE.

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Greenberg Gibbons paid $17.3 million for an 82,578 square foot shopping center in Tucker, just outside Atlanta. Northlake Square was the seller along with property management firm, Barnhart Commercial Management.

Constructed in 1988, Northlake Square is 98% occupied with a mix of national and local retailers and anchored by ALDI, Best Buy and Mellow Mushroom.

JLL Capital Market’s Investment and Sales Advisory team representing the seller was led by Jim Hamilton, Brad Buchanan and Andrew Kahn.

Tucker is an established Atlanta submarket that is experiencing tremendous growth and transformation. “The acquisition of Northlake Square demonstrates the market’s appetite for well-positioned, grocery-anchored retail centers within growing submarkets of major metros,” Hamilton commented. “The center’s strong tenant mix, led by ALDI and Best Buy, combined with its strategic location make it a valuable addition to any diversified portfolio.”

The post Atlanta-Area Retail Center Flips to Greenberg Gibbons appeared first on Connect CRE.

Greenberg Gibbons paid $17.3 million for an 82,578 square foot shopping center in Tucker, just outside Atlanta. Northlake Square was the seller along with property management firm, Barnhart Commercial Management. Constructed in 1988, Northlake Square is 98% occupied with a mix of national and local retailers and anchored by ALDI, Best Buy and Mellow Mushroom. …
The post Atlanta-Area Retail Center Flips to Greenberg Gibbons appeared first on Connect CRE. Read MoreAtlanta Metro Commercial Real Estate News

Greenberg Gibbons paid $17.3 million for an 82,578 square foot shopping center in Tucker, just outside Atlanta. Northlake Square was the seller along with property management firm, Barnhart Commercial Management. Constructed in 1988, Northlake Square is 98% occupied with a mix of national and local retailers and anchored by ALDI, Best Buy and Mellow Mushroom. …
The post Atlanta-Area Retail Center Flips to Greenberg Gibbons appeared first on Connect CRE.

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For the first time in four years, retailers are emptying more storefronts than they are leasing in Metro Atlanta.
Landlords tallied 228K SF of negative net absorption in the third quarter throughout Metro Atlanta, according to a third-quarter retail report from Partners Real Estate.

For the first time in four years, retailers are emptying more storefronts than they are leasing in Metro Atlanta.
Landlords tallied 228K SF of negative net absorption in the third quarter throughout Metro Atlanta, according to a third-quarter retail… Read MoreBisnow News Feed

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The massive Rivian electric vehicle plant about an hour east of Atlanta has been recharged in the final months of the Biden administration with a $6.6B loan from the Department of Energy. Read MoreBisnow News Feed

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A D.C.-based property investor is making its multifamily debut in Metro Atlanta with a South Fulton apartment complex. Read MoreBisnow News Feed

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All of the players involved in commercial development and construction are dusting off their 2018 playbooks to control costs as they face the prospect of higher tariffs on construction materials and promised mass deportations under a second Trump administration.
Both actions could have a dramatic impact on construction costs in the U.S., with labor harder to come by and materials prices rising as they did during President-elect Donald Trump’s first trade war with China, developers and contractors said at Bisnow’s Atlanta Construction and Development Summit on Tuesday.
“I think it’s going to suck for a second,” said Melissa Banko, the founder of interior design…

All of the players involved in commercial development and construction are dusting off their 2018 playbooks to control costs as they face the prospect of higher tariffs on construction materials and promised mass deportations under a second Trump administration.
Both… Read MoreBisnow News Feed

All of the players involved in commercial development and construction are dusting off their 2018 playbooks to control costs as they face the prospect of higher tariffs on construction materials and promised mass deportations under a second Trump administration.
Both…

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Atlanta Law Firms Hit The Market With Vacancy At All-Time High

Bradley Arant Boult Cummings began a search for a new Atlanta office with a record 50M SF of office space on the market.
For a law firm looking to make its debut in the metro area, the record levels of vacancies found it fielding pitches from landlords around the city offering to beat their competitors’ rents or trying to top how much they’ll cover on their interior construction.
“There were a lot of options at the time we were making a decision,” said the firm’s managing partner, Sidney Welch.

Bradley Arant Boult Cummings began a search for a new Atlanta office with a record 50M SF of office space on the market.
For a law firm looking to make its debut in the metro area, the record levels of vacancies found it fielding pitches from landlords… Read MoreBisnow News Feed

Bradley Arant Boult Cummings began a search for a new Atlanta office with a record 50M SF of office space on the market.
For a law firm looking to make its debut in the metro area, the record levels of vacancies found it fielding pitches from landlords…

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The Atlanta BeltLine is envisioning a 32-acre residential development next to Mircosoft’s dormant Westside land holdings that would be chock full of affordable housing. Read MoreBisnow News Feed

The Atlanta BeltLine is envisioning a 32-acre residential development next to Mircosoft’s dormant Westside land holdings that would be chock full of affordable housing.

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Data center provider DC Blox is developing a trio of new data centers across the South, expanding its pipeline even as the firm backs out of a previously announced project in Virginia. Read MoreBisnow News Feed

Data center provider DC Blox is developing a trio of new data centers across the South, expanding its pipeline even as the firm backs out of a previously announced project in Virginia.

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